Selling to the World: Greater Philadelphia Export...
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APRIL 2016 The extent to which firms and institutions in Greater Philadelphia engage in global commerce will have a significant influence on the region’s ongoing economic competitiveness and prosperity. Helping more area businesses grow by selling their goods and services abroad is critical to sustained economic growth and creating and maintaining quality jobs in the Philadelphia region. With $32 billion in exports originating from Greater Philadelphia each year, the region has excellent global business assets to build on and is poised to take its export activity to the next level. To capitalize on this opportunity, business leaders, state and federal trade officials, and economic development experts from across southeastern Pennsylvania, southern New Jersey, and northern Delaware have come together to develop an export plan for the region. Developed with leadership from the Economy League and the World Trade Center of Greater Philadelphia, this export plan presents a shared regional framework to drive more robust growth by connecting local manufacturing and services firms with global markets. Selling to the World: Greater Philadelphia Export Plan Summary economyleague.org/exports
Transcript of Selling to the World: Greater Philadelphia Export...
APRIL 2016
The extent to which firms and institutions in Greater Philadelphia engage in global commerce will have a significant influence on the region’s ongoing economic competitiveness and prosperity. Helping more area businesses grow by selling their goods and services abroad is critical to sustained economic growth and creating and maintaining quality jobs in the Philadelphia region. With $32 billion in exports originating from Greater Philadelphia each year, the region has excellent global business assets to build on and is poised to take its export activity to the next level.
To capitalize on this opportunity, business leaders, state and federal trade officials, and economic development experts from across southeastern Pennsylvania, southern New Jersey, and northern Delaware have come together to develop an export plan for the region. Developed with
leadership from the Economy League and the World Trade Center of Greater Philadelphia, this export plan presents a shared regional framework to drive more robust growth by connecting local manufacturing and services firms with global markets.
Selling to the World:
Greater Philadelphia
Export Plan
Summary
economyleague.org/exports
Greater Philadelphia’s Export Economy
3 Greater Philadelphia has experienced recent export growth in leading service sectors, with potential for further expansion.
4 Many small- and mid-sized companies have limited awareness of their global growth potential or of existing export services.
5 Greater Philadelphia has a comprehensive export support ecosystem, but some gaps and weak links exist.
An in-depth market assessment of Greater Philadelphia’s export economy conducted during 2015 yielded the following key findings:
1 Greater Philadelphia’s export economy is large and diverse, but its growth has been slow relative to other metros.
2 Despite an overall decline in manufacturing, the region has maintained a competitive advantage in several specialized goods-producing industries.
What Services Do Greater Philadelphia Firms Export?
Higher Education
Software
IT Services
Tourism Services
Architecture & Design Services
Financial Services
Legal Services
Management & Consulting Services
Health Care Services
Advertising Services
What Goods Do Greater Philadelphia Firms Export?
Greater Philadelphia’s Export Mix
Pharmaceuticals
Food Products
52%
Services48%
Goods
Source: Brookings Export Monitor 2015
Helicopters
Oil & Gas
Medical Devices
Plastic Products
Chemicals
Medical Equipment & Supplies
Computers & Electronics
Machinery
Greater Philadelphia Export Plan
The potential payoff for taking Greater Philadelphia’s export activity to the next level is significant—especially in light of the region’s ongoing slow-growth challenges. Estimates indicate that raising the region’s export intensity to the average for the 100 largest U.S. metros—an ambitious but realistic goal—would translate into $6.3 billion in new economic activity every year and 35,000 additional jobs. This represents enormous untapped potential to strengthen our economy.
Drawing upon a comprehensive analysis of Greater Philadelphia’s export economy, regional business, civic, and government leaders have identified the following key elements of an action-oriented export growth plan for our region:
GOAL
Accelerate regional job and revenue growth via a dynamic export economy
FOR MORE INFORMATION
Visit economyleague.org/exports to learn more about the Greater Philadelphia Export Plan.
economyleague.org
@EconomyLeague
wtcphila.org
@WTCphila
1. Increase Greater Philadelphia’s export intensity to match or exceed the average for the top 100 U.S. metros within five years
2. Increase the number of identified new exporting firms in the region by 10 percent within five years
3. Elevate exports as a top-of-mind economic development priority among regional leaders within three years
OBJEC TIVES
1. Build Export Awareness and Capacity among the Region’s Small and Mid- Sized Businesses
2. Catalyze Export Growth in the Region’s Health and Professional Services Clusters
3. Strengthen and Enhance Coordination within Greater Philadelphia’s Export Support Ecosystem
PRIORIT Y STRATEGIES
